April 27, 2020
SBA lender focusing on businesses initially ineligible for PPP funding in program's $320B second round
Robert Morton, president & CEO, bankHometown
In an interview for the WBJ Podcast, bankHometown President and CEO Robert Morton said the Oxford-based bank already had 250 loans totaling about $15 million lined up for when the second round of Paycheck Protection Program funding started being available Monday morning from the U.S. Small Business Administration.
"The program has done what it intended: Get money to small businesses who wonder what the future holds," Morton said on the podcast, The Weekly Business Report.
The initial $349 billion earmarked for the SBA program was available starting April 3 and ran out 13 days later. While the money was available April 3, not all businesses were eligible to apply immediately, particularly sole proprietors and contractors who couldn't apply until April 10.
With Congress authorizing another $320 billion for the program, Morton said bankHometown is going to work with these businesses who weren't eligible immediately to get them the funding.
To listen to all of Morton's interview, where he described the hectic first few days of the program and the impact the loans have had throughout Central Massachusetts, check out the WBJ Podcast here. The Weekly Business Report is produced by Worcester Business Journal and Radio Worcester.
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